992 S Orange Ave, Newark City, NJ 07106 - MLS#3971481

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Lynn Fitzgerald

lynn@lynnfitzgerald.com +1(866) 201-6210

$699,000

Est. payment - /mo

9,999 SqFt

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UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 9,999 sqft

Price per Sqft $69

Subdivision Upper Vailsburg

MLS Listing ID 3971481

Year Built 1927

Annual Tax Amount $8,214

Tax Year 2024

Lot Size 3,049 Sqft

Property Sub-Type Mixed Use

Property Description

3-story mixed-use offering 3 units comprised of two 3-BD apartments anchored by one neighborhood retail storefront. Located on upper levels, each elongated-shaped apartment with wood flooring & storm windows features dedicated living room space, eat-in kitchen, one centralized full bath and front/middle bedrooms respectively. The commercial leasehold w/ 9 ft ceiling height currently operating under restaurant use contains an in-place ventilation system affording hot kitchen use and sole access to stand-up unfinished basement as well as fenced-in courtyard w/ gated exterior side egress ideal for loading purposes. Utility infrastructure offers separately metered electric & heat/hot water fueled by gas for all units while the commercial tenant assumes full responsibility of cold water/public sewer expense for the entire building. Convenient Upper Vailsburg geography offers immediate access to NJ Transit public bus transportation/local shopping and high walkability to South Orange-based Seton Hall University. New ownership positioned to benefit from return-on-investment upside thru vacant apartment lease-up at market rate plus 3.0% annual rent escalations from commercial tenant and rent improvement in one unit currently -28% below the immediate area?s median market rent of $2,350 for 3-Bed unit type. Investment opportunity ideal for owner/user thru vacant apartment occupancy or small Core Plus investors open to minor property enhancements and minimal management responsibilities.

Location

State NJ

County Essex

Zoning C-2

Rooms

Basement Full, Unfinished

Interior

Heating Gas-Natural

Cooling No Cool

Flooring Tile, Vinyl-Linoleum, Wood

Equipment Smoke Detector

Heat Source Gas-Natural

Exterior

Exterior Feature Vinyl Siding

Utilities Available Gas In Street, Gas-Natural

Roof Type Flat

Building

Lot Description Level Lot

Story 3

Sewer Public Sewer

Water Public Water

Others

Ownership Fee Simple

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Listed by COLDWELL BANKER REALTY

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Lynn Fitzgerald

+1(866) 201-6210

Team Lead | Realtor® | License ID: 0123770

Team Lead | Realtor® License ID: 0123770

992 S Orange Ave Newark City, NJ 07106

Lynn Fitzgerald

Key Details

Location

Rooms

Interior

Exterior

Building

Others

Get More Information